DRI arrests fake currency handler; seizes Rs 2000 notes from his possession
Directorate of Revenue Intelligence (DRI) on Tuesday arrested fake currency note handler, Mataur Rehman who happens to be a resident of Malda. He is being brought to Delhi for detailed interrogation. Earlier, an investigation had suggested that there was a massive supply of counterfeit Indian currency from Malda villages in West Bengal. The DRI had earlier arrested a resident of Patna called Ram Prasad in connection with the racket from Old Delhi Railway Station. Both the accused have been arrested with Rs 2,000 denomination notes worth Rs 4 lakh.
Earlier, DRI had informed Reserve Bank of India (RBI) that two operators had been indulging in the selling of fake Indian counterfeit notes in and around Delhi. Since the demonetisation drive, during which new Rs 2000 notes were introduced, fake notes have been seized from many places across the country. Earlier, fake currency worth Rs 48,000 in the form of Rs 2000 notes were seized from Mathura. two people were also arrested in relation to the case. However, the supplier of fake notes had managed to flee from the spot before the raid by the police.
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Government loses crores to illicit trade of goods and products, claims FICCI study
Illicit trade related to tobacco led to a loss of Rs 9,139 crore to the exchequer, a study released by FICCI on Friday has revealed.
The exchequer also bore losses due to illicit trade of mobile phones at Rs 6,705 crore and alcoholic beverages at Rs 6,309 crore, the FICCI report said.
The study, by FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy), also establishes a relationship between high taxes and availability of illicit products.
“High tax rates tend to exacerbate illicit markets by creating greater demand for cheap and counterfeit substitutes. A significant reason being that high tariffs and taxes create opportunities for those involved in illicit markets to step in and supply ‘reduced’ versions of the original product at lower prices,” said the report, titled ‘Combating Counterfeiting and Smuggling – An Imperative to Accelerate Economic Development for the period 2014-15’.
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